The Senate has approved the establishment of the National Agricultural Development Fund for the purpose of providing finance to support strategic aspects of agricultural development of Nigeria.
This followed the clause by clause consideration of the report presented by the Senate Committee on Agriculture and Rural Development by the lawmakers during a plenary session on Wednesday.
The chairman of the committee, Abdullahi Adamu, had earlier presented the report adding that the Bill was read for the second time on Wednesday, March 4, 2020.
According to him, the Bill seeks to promote and provide for finance to support Agriculture development in the country in order to ensure food production and security in Nigeria.
Also to provide finance for the implementation of policies, to strengthen Agricultural Institutions.
Adding that “It also seeks to encourage donor institutions to provide funding for the agriculture sector to ensure increased food production.
The lawmaker noted that it was already acknowledged that the major bane of agricultural sector in Nigeria and Sub-Saharan Africa was inadequate funding.
“To date, Nigeria is yet to fully implement the 2003 Maputo declaration on Agriculture requiring states, parties to allocate ten per cent of its National budget for Agricultural development.
“If this was done, Agriculture research and development, food production and food security would have witnessed a major leap,” he said.
The Senate has approved the establishment of the National Agricultural Development Fund for the purpose of providing finance to support strategic aspects of Agricultural development of Nigeria.
This followed the clause by clause consideration of the report presented by the Senate Committee on Agriculture and Rural Development by the lawmakers .
The News Agency of Nigeria (NAN) reports that the chairman of the committee, Abdullahi Adamu, had earlier presented the report adding that the Bill was read for the second time on Wednesday, March 4, 2020.
According to him, the Bill seeks to promote and provide for finance to support Agriculture development in the country in order to ensure food production and food security in Nigeria.
“Also to provide finance for the implementation of policies and to strengthen agricultural institutions.